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OCEANA GROUP LIMITED - Trading statement

Release Date: 01/09/2017 16:11
Code(s): OCE     PDF:  
Wrap Text
Trading statement

Oceana Group Limited
Incorporated in the Republic of South Africa
(Registration number 1939/001730/06
JSE Share Code:        OCE
NSX Share Code:        OCG
ISIN Number:        ZAE000025284
("Oceana" or "the Company")


TRADING STATEMENT

In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as soon as they are reasonably certain
that the financial results for the current reporting period will differ by at least 20% from those
of the prior comparative period.

Accordingly, basic earnings per share (EPS) for the year ending 30 September 2017
compared to the year ending 30 September 2016 (“comparative period”) are expected to
decrease between 35% and 50% based on prevailing market conditions, to between 511 cents
per share and 393 cents per share (30 September 2016: 786 cents per share).

Basic headline earnings per share (HEPS) for the year ending 30 September 2017 are
expected to decrease between 35% and 50% based on prevailing market conditions, to
between 457 cents per share and 352 cents per share (30 September 2016: 703 cents per
share) compared to the comparative period.

The decrease in EPS and HEPS is largely as a result of the following major factors:
   - softer global markets for fishmeal and fish oil;
   - losses on foreign exchange contracts held to cover the import of frozen fish;
   - the effect of an 8% average strengthening in the rand on foreign earnings and
   - lower canned fish sales volumes from slow consumer demand.

The financial information on which this trading statement is based has not been reviewed
and/or reported on by the Company`s auditors.

The Company expects its results for the twelve months ending 30 September 2017 to be
released on the Stock Exchange News Service on or about Thursday, 16 November 2017.

Cape Town
01 September 2017

JSE Sponsor
The Standard Bank of South Africa Limited

Namibian Sponsor
Old Mutual Investment Services (Namibia) Proprietary Limited

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